THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana
Plc
("Pensana"
or the "Company")
UK
Government Grant Offered for Saltend
Pensana is pleased to announce that the Secretary of State for
Business and Trade has offered Pensana a Grant of up to £4,000,000
towards the funding required to build a rare earth oxide separation
facility in the ‘Humber Freeport’ at Saltend (“Offer of
Grant”).
The Offer of Grant, made under Section 7 of the Industrial
Development Act 1982, follows an application submitted by Pensana
to the Automotive Transformation Fund, is subject to terms set out
in a grant funding agreement and conditional upon Pensana providing
1) clearance from the relevant authority monitoring state subsidies
and 2) a funding, activities and deliverables plan which are
expected to be provided in the coming weeks.
Chairman Paul Atherley
commented:
“The successful development of the US$250 million Saltend project would be an
important step in supporting the UK automotive supply chain, which
employs over 780,000 people, as it transitions to electric vehicles
(EVs).
By 2030 the UK is expected to have transitioned from being a
major European producer of internal combustion engines to be a
world leader in the manufacture of electric drive
units (EDUs), producing three million EDUs annually, with a large
proportion destined for export. Without a secure magnet metal
supply chain this is under threat.”
Pensana is establishing an independent, sustainable rare earth
supply chain with mid-stream processing to produce magnet metal in
the UK.
The Saltend project will deliver 450 jobs during construction and
150 high value jobs in operation with a significant opportunity for
further expansion.
The
information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No.596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of the Company is
Paul Atherley,
Chairman.
-
ENDS –
For
further information, please contact:
Shareholder/analyst
enquiries:
Pensana
Plc
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer